It’s unclear whether the administration can complete the loan before Trump becomes president again
The Biden administration is seeking to hand out a multi-billion dollar federal loan to fund a large scale electric vehicle manufacturing plant just months before the president’s term ends.
The Department of Energy announced on Monday that they will be giving Rivian Automotive, an EV manufacturer, a $6.57 billion loan to finance construction of a 9 million-square-foot electric vehicle facility in Georgia, called Project Horizon.
The DOE said that the initiative “supports the Biden-Harris Administration’s goal that half of all new vehicles sold in 2030 be zero-emissions,” an EV target likely to be tossed out by the incoming administration under President-elect Donald Trump.
The conditional commitment comes as President Joe Biden has been dishing out billions of dollars to fund climate-related initiatives around the country to cement his legacy on the issue during the final months of his presidency.
This must be stopped. This can’t be allowed to go through.
One, ” WE ” as the tax payers don’t have that money laying around. This country is broke, no spare money.
Why does Biden fell he needs to overdraw the checkbook once again and loan out money.
If Rivian Automotive needs money, let them find their own investors that might believe in their product
and might believe that EV is the future.
What fantasy land are you living in? If America wants to compete with China and Japan, we need to invest in manufacturing electric vehicles domestically. Otherwise is 20 years, we’ll be importing all of our cars from other countries.
But you want your hard earned tax money to pay for all of it ?
I certainty don’t. And just to remind you of a little fact that you my not know, many foreign car manufactures already build / assembled their vehicles on American soil while American made vehicles are being build / assembled in Canada and Mexico and shipped back over here.
And you ask me ” What fantasy land are you living in ”
I live in the real world here and now.. I don’t want to be forced / mandated to purchase an EV when I don’t want one. I don’t want to see my tax dollars spent financing a product that the majority of the people also don’t want.
Rivian Automotive, an EV manufacturer, a $6.57 billion loan to finance construction of a 9 million-square-foot electric vehicle facility in Georgia,
Stellantis and Samsung SDI will receive $7.54 billion to build two EV battery plants in Kokomo, Indiana.
According to a news release, the transaction does not change GM’s ownership interest in the Ultium Cells LLC project, in which GM and LG have invested a total of $7 billion U.S. taxpayer dollars, sourced from a Department of Energy loan program.
So far just from some quick reading. The U.S. tax payer is $21.11 BILLION dollars in the hole so far. That’s not including what has been spent on off shore windmills, on land windmills and a lot of waste on ” green energy “. Also take into account all the money that is sent to overseas governments. Biden announces US to provide over $1B in aid to Africans displaced by historic droughts.
Anonymous December 3, 2024 at 1:54 pm. I guess you would want to bankrupt the United States over a battery. Or I guess it is okay with you to make the next generation and the generation after that pay for what you want now.
When are WE THE PEOPLE going to start taking care of our own ?
Anonymous December 3, 2024 at 1:54 pm. No need to import, they are already here.
Here is a list of foreign manufacturers with plants in the U.S. and the vehicles they produce.
Toyota (Japanese)
Georgetown, KY – Camry, Avalon, Lexus ES350
San Antonio, TX – Tacoma, Tundra
Blue Springs, MS – Corolla
Princeton, IN – Sienna, Highlander, Sequoia
Nissan (Japanese)
Canton, MS – Altima, Titan, Frontier, Murano, NV
Smyrna, TN – Altima, Maxima, Rogue, Leaf, Pathfinder, Infiniti QX60
Honda (Japanese)
Greensburg, IN – CR-V, Civic
East Liberty, OH – CR-V, Acura MDX, Acura RDX
Marysville, OH – Accord, Acura TLX, Acura NSX, Acura ILX
Lincoln, AL – Pilot, Ridgeline, Odyssey, Acura MDX
Volkswagen (German)
Chattanooga, TN – Passat, Atlas
BMW (German)
Greer, SC – X3, X4, X5, X6
Daimler (German)
Vance, AL – Mercedes-Benz M/GLE, Mercedes-Benz GLS, Mercedes-Benz C
Ladson, SC – Mercedes-Benz Metris, Mercedes-Benz Sprinter
Hyundai (South Korean)
Montgomery, AL – Sonata, Santa Fe, Elantra
Kia (South Korean)
West Point, GA – Optima, Sorento
Subaru (Japanese)
Lafayette, IN – Legacy, Outback, Impreza
Anonymous December 3, 2024 at 1:54 pm. I’ll wait for your response.
Not needed
General Motors is backing out of a nearly completed electric-vehicle battery plant in Michigan, agreeing to unload its stake in the new plant to its Korean partner, LG Energy Solution.
Plans for the $2.6 billion facility, sprawling over about 30 football fields in Lansing, Mich., were disclosed in 2022, when the Detroit automaker had designs on producing one million EVs by 2025. The automaker has since shelved that target because of slower-than-expected demand for fully electric vehicles.
So why would Biden give OUR money away to fund a large scale electric vehicle manufacturing plant just months before the president’s term ends.
Automakers globally have been dialing back electric-car investments they outlined earlier this decade amid surging demand for battery-powered vehicles. Now the market faces further uncertainty as President-elect Donald Trump vows to cut government funding for EVs.
A report says Ford is losing more than $100,000 on each EV. Ford is reducing spending on EV plans by $12 billion. Ford is estimated to lose $5.5 billion from its Model e division in 2024. In Ford’s ambitious push into EVs, the company is losing a staggering amount on each vehicle.
How big of a toilet do you need to flush away $6.57 billion ?
EV apocalypse: Which brands might not survive the electric revolution?
Projecting into the future, companies that don’t yet have EVs consumers want to buy are unlikely to make it. Let’s take a look at who may not make it across the EV finish line.
I will not post all of the manufactures, just the ones we are familiar with.
Ford: While the Mustang Mach-e is a credible product, F-150 Lightning production will soon be shut down until next year. Its three-row SUV has been postponed and Ford’s “skunkworks” low-cost EV has not yet been revealed. It doesn’t look good for Ford. Lincoln: There are zero Lincoln EVs at this point.
Chrysler: With a single hybrid minivan and nothing else in the lineup, Chrysler’s going nowhere fast. Dodge: How many Charger EVs will be sold to those who love the ICE versions, at $61K and up? Are there any other Dodge EVs coming? Ram: The Ram 1500 REV may solve truck owners’ range and towing issues, but at an estimated $58,000-$85,000, will it be embraced by the average truck buyer?
Toyota: Regardless of its leadership in hybrids, the company has yet to produce a desirable EV. Can they get their act together in time?
Nissan: They blew their lead after the Leaf came out, and the Ariya is far from compelling. nfiniti: No EVs. Sales are down significantly the past three quarters. Who’s even shopping them?
Mercedes-Benz: Benz’ EV sales recently dropped 30%, thanks to Chinese competition and high production costs in Germany. The current approach isn’t working . Volkswagen: VW has yet to build any desirable, reasonably-priced EVs, which may ultimately be developed in China after their German plants close down. Not looking good.
EV startup brands that may not survive the EV transition
Fisker: Kaput. Their asset-light, contract-manufacturing plan failed spectacularly.
Rivian: Hoping to reach 57,000 R1 sales this year. If they run out of cash before they get their smaller, higher-volume vehicles out, they’re finished.
Lucid: Has yet to break the 10,000 vehicles per year mark. If the Saudis tire of pumping money in, and volumes remain low, they won’t last long.
Polestar: Delivered a total of 32,300 cars worldwide in the first three quarters of 2024. Why are they separate from Volvo and how does this help?
And we want to sink BILLIONS of dollars into EV’S …… AND WHY.
EV’S will eventually become more popular with time. Just don’t cram it down my throat.
Is the United States going to bail out Nissan and save as many as 17000 jobs ? And again at what cost to the American tax payer ?
Car manufacturing giant Nissan could be on the brink of collapse with only 12 months to survive, it has been warned.
The Japanese auto firm which employs 7,000 people in the UK and 17,000 in the US has embarked on a huge cost-cutting program after suffering heavy losses.
That could leave Nissan requiring cash backing from the Japanese or US governments over the next year to remain in business, according to the report.
Anonymous December 3, 2024 at 1:54 pm How much more money do you want to spend ?
Are we, the American tax payers going to allow the U.S. government to bail out a foreign car maker with plants on American soil ? And at what costs ?